Saudi National Bank Celebrates Largest Bank Merger

With assets exceeding 900 billion riyals and capital amounting to 44 billion riyals, the new entity is believed to be the Kingdom’s largest bank
With assets exceeding 900 billion riyals and capital amounting to 44 billion riyals, the new entity is believed to be the Kingdom’s largest bank
TT
20

Saudi National Bank Celebrates Largest Bank Merger

With assets exceeding 900 billion riyals and capital amounting to 44 billion riyals, the new entity is believed to be the Kingdom’s largest bank
With assets exceeding 900 billion riyals and capital amounting to 44 billion riyals, the new entity is believed to be the Kingdom’s largest bank

The National Commercial Bank, or NCB, concluded the final phases of a merger deal with Riyadh-based Samba Financial Group on Jan. 6, 2022, to form the Saudi National Bank.

With assets exceeding 900 billion riyals ($240 billion) and capital amounting to 44 billion riyals ($11.7 billion), the new entity is believed to be the Kingdom’s largest bank.

SNB concluded the last phase of the transaction in a record time, within nine months since the process started on April 1, 2021.

The bank has opened more than 1.4 million new accounts for individual customers, which is 100 percent of the total individual customers.

As for corporate customers, the bank opened accounts for more than 11,000 customers, making up 100 percent of small and midsized corporate customers.

It also completed opening and activating 100 percent of the large corporate customer accounts.

Moreover, SNB completed the procedures for migrating the treasury sector, NCB Capital, Samba Capital, and other administrative sectors and branches.

SNB Chairman Ammar AlKhudairy stated that reaching the finish line of the merger agenda paves the way for a new stage of work and a promising future for the Saudi banking industry.

He added that the new entity - backed by a market share of 31 percent and its real wealth of 12,000 employees in Saudi Arabia and more than 4,000 employees in its subsidiaries - will support social prosperity and economic transformation in Saudi Arabia.

It will also contribute to empowering citizens and national businesses and enhancing their growth opportunities, in line with the objectives of Saudi Vision 2030, according to AlKhudairy.

Saeed bin Mohammed AlGhamdi, managing director and Group CEO of SNB, said that the merger – with its many phases, milestones, and complex requirements – wouldn’t have taken place with such excellence, accuracy, speed, and flexibility had it not been for the unique cooperation of all parties, including shareholders, executive, administrative, technical and logistical teams, as well as the positive engagement of the Bank’s customers and their responsiveness to the Bank’s directives and instructions.



Gold Slips as US Bond Yields Rise, Investors Assess New Tariffs

Gold rings are displayed in a gold shop in Chinatown in Bangkok, Thailand August 21, 2018. REUTERS/Soe Zeya Tun/File Photo
Gold rings are displayed in a gold shop in Chinatown in Bangkok, Thailand August 21, 2018. REUTERS/Soe Zeya Tun/File Photo
TT
20

Gold Slips as US Bond Yields Rise, Investors Assess New Tariffs

Gold rings are displayed in a gold shop in Chinatown in Bangkok, Thailand August 21, 2018. REUTERS/Soe Zeya Tun/File Photo
Gold rings are displayed in a gold shop in Chinatown in Bangkok, Thailand August 21, 2018. REUTERS/Soe Zeya Tun/File Photo

Gold prices eased on Tuesday, weighed by higher US Treasury yields as US President Donald Trump announced new tariff proposals on trading partners, including Japan and South Korea.

Spot gold was down 0.2% at $3,328.67 per ounce, as of 1207 GMT. US gold futures fell 0.1% to $3,338.20.

The yield on benchmark US 10-year notes rose to a two-week peak, making the non-yielding bullion less attractive.

"Gold is stuck between a rock and a hard place," said UBS commodity analyst Giovanni Staunovo, Reuters reported.

"Negative for the gold price is the US decision to extend the deadline for a trade deal for many trade partners, positive for the gold price is the fact that key US trading partners in Asia might have to deal with higher tariffs in the near future, weighing on economic growth prospects."

On Monday, Trump told 14 countries that sharply higher tariffs would start on August 1, marking a new phase in the trade war he launched in April, with levies between 25% and 40%.

The new deadline was firm, Trump said, adding that he would consider extensions if countries made proposals for a trade deal.

"Reciprocal tariffs" were to be capped at 10% until July 9 to allow for negotiations, but so far, agreements have been reached only with Britain and Vietnam. In June, Washington and Beijing agreed on a framework covering tariff rates.

Meanwhile, China has warned the Trump administration against reigniting trade tensions and threatened to retaliate against nations that strike deals with the US to exclude it from their supply chains.

Trump's tariffs have stoked inflation fears, further complicating the US Federal Reserve's path to lower interest rates.

Investors await minutes of the Fed's June meeting, due on Wednesday, for more clues into the bank's policy outlook.

Spot silver fell 0.1% to $36.71 per ounce, platinum rose 0.2% to $1,372.51, and palladium rose 0.6% to $1,117.33.